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Old 11-09-2018, 11:07 PM
 
6,253 posts, read 4,731,924 times
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Quote:
Originally Posted by chattyneighbor View Post
And the Federal Government is still garnishing the social security checks of seniors who owed money on education loans. You'd think at that point, the Feds would write off the loan and realize these people need the money more then they do.
https://www.consumerreports.org/stud...student-loans/
I think this is just sensationalism and garbage reporting. No figures are given but anyone of retirement age paid very little for college. I suspect this is about some deadbeats who finally are being asked to pay old, old debts they tried to avoid.


I don't side with the deadbeats and cheats. They should have paid this back decades ago.

 
Old 11-10-2018, 12:55 AM
 
95 posts, read 26,512 times
Reputation: 149
Quote:
Originally Posted by LHS79 View Post
You can never retire if you have a mortgage.
This statement is a little too sweeping. I could imagine someone retiring with a very small mortgage. Actually my experience has been that retirees who have the most difficulty are those who do not own their own home. When rental costs exceed about 30% of your income, retired or not, you are probably on struggle street. If. Your mortgage payments are much less than the equivalent rental costs you could afford to be retired. My preference was to retire debt free.

My experience was also that having a mortgage early on forced a life long savings habit. You then end up with an asset. If absolutely necessary you can sell the house or take on a reverse mortgage should you require additional funds
 
Old 11-10-2018, 02:20 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
Quote:
Originally Posted by jrkliny View Post
I think this is just sensationalism and garbage reporting. No figures are given but anyone of retirement age paid very little for college. I suspect this is about some deadbeats who finally are being asked to pay old, old debts they tried to avoid.


I don't side with the deadbeats and cheats. They should have paid this back decades ago.
100% my feeling .that is just nonsense by retirement

Last edited by mathjak107; 11-10-2018 at 02:31 AM..
 
Old 11-10-2018, 02:27 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
Quote:
Originally Posted by Not in Kansas any more View Post
This statement is a little too sweeping. I could imagine someone retiring with a very small mortgage. Actually my experience has been that retirees who have the most difficulty are those who do not own their own home. When rental costs exceed about 30% of your income, retired or not, you are probably on struggle street. If. Your mortgage payments are much less than the equivalent rental costs you could afford to be retired. My preference was to retire debt free.

My experience was also that having a mortgage early on forced a life long savings habit. You then end up with an asset. If absolutely necessary you can sell the house or take on a reverse mortgage should you require additional funds
On reason transplants from high cost of living areas who owned paid off homes seem to do better than locals in cheapsville is the high cost of homes is a bigger forced savings .

A home that saw saw 3% appreciation that is 250k is a whole lot less then a 700k home that saw the same appreciation . Now when that 700k home is sold and they relocate to cheapsville themselves they have far more than locals . Plus the higher wages in high cost of living areas can provide a lot more in ss.

If you have the ability and discipline to invest and rent you can do the same thing but most Americans don’t so that home becomes their greatest asset
 
Old 11-10-2018, 02:35 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
Quote:
Originally Posted by jrkliny View Post
Fordham tuition is way, way over the cost of college at City of NY or SUNY colleges and universities. Way over!!


A great many kids drag their parents into paying for expensive schools. The kids often also take out loans. Many of them do not work that hard and do not exactly overachieve. Then they complain about the costs. No one in NY State should EVER, EVER complain about the cost of college. You can get a first rate education for less than the cost of day care. Even less expensive are the choices for community colleges. I am not sure if college is as cheap in NJ, but I think it is pretty close.
It is rare we agree this much . My sons friends are struggling with student debt because they went to expensive schools or out of town .

My kids went local to queens college . It was under 5k a year .

My son even went local to Hofstra law school . His school buddies earn a fraction of what he does because they went to work as public defenders or made poor choices in working for small Long Island law offices instead of major law firms with huge growth potential .

In the 9 years since he graduated not only did he pay off all school loans but he paid off his general partnership buy in costs of 200k and now is paying off full equity partner at a cost 250k. He is the youngest full partner in a large national labor law firm with 900 attorneys .

So it can be all about choices when it comes to outcomes. Most of his lawyer friends are up to their ears in debt because they went to expensive schools and worked for smaller lower paying firms
 
Old 11-10-2018, 04:59 AM
 
2,443 posts, read 2,071,602 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
It is rare we agree this much . My sons friends are struggling with student debt because they went to expensive schools or out of town .

My kids went local to queens college . It was under 5k a year .

My son even went local to Hofstra law school . His school buddies earn a fraction of what he does because they went to work as public defenders or made poor choices in working for small Long Island law offices instead of major law firms with huge growth potential .

In the 9 years since he graduated not only did he pay off all school loans but he paid off his general partnership buy in costs of 200k and now is paying off full equity partner at a cost 250k. He is the youngest full partner in a large national labor law firm with 900 attorneys .

So it can be all about choices when it comes to outcomes. Most of his lawyer friends are up to their ears in debt because they went to expensive schools and worked for smaller lower paying firms
Here we go again!
 
Old 11-10-2018, 05:00 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
And of course your meaningless replies follow as they always do. May I suggest ignore . That way there is no need to constantly make snide , useless comments.

I can only comment on my own experiences so if you don’t like it then don’t read the posts , it is a simple answer
 
Old 11-10-2018, 05:17 AM
 
2,443 posts, read 2,071,602 times
Reputation: 5690
Quote:
Originally Posted by mathjak107 View Post
And of course your meaningless replies follow as they always do. May I suggest ignore . That way there is no need to constantly make snide , useless comments.

I can only comment on my own experiences so if you donít like it then donít read the posts , it is a simple answer
I am seriously considering nominating you for a lifetime achievement award and possibly a spot on Mount Rushmore.
 
Old 11-10-2018, 05:21 AM
 
71,550 posts, read 71,730,589 times
Reputation: 49156
Well different discussions involve different people .the fact is most discussions here are repetitive and comments are repetitive but not all participants in a thread are involved in other threads .

So it is what it is . If something is repetitive to you donít read it , but it certainly does not call for snide comments every time you donít like something
 
Old 11-10-2018, 06:26 AM
 
Location: Scottsdale, AZ
7,654 posts, read 4,699,473 times
Reputation: 27978
Quote:
Originally Posted by mathjak107 View Post
A home that saw 3% appreciation that is 250k is a whole lot less then a 700k home that saw the same appreciation.

That's why I took a sledgehammer to our budget and bought a home that is much more (in every way) than we'd anticipated. Appreciation isn't a certainty but there is that "you only live once" factor.


We have a bridge loan until our current house is remodeled and put on the market but so what?
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